Loading...
HomeMy WebLinkAbout900827Return To: WELLS FARGO HOME MORUGAGq 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 5543~i 900827 Prepared By: WELLS FARGO BANK, N.A. R E,3tZ IVED ..... ~ t~',JTY CLERK L' I1,! O ()!, [.! r",~ t ~:. 18 [' P i'- i:';: . ,.,.- 1919 DOUGLAS,, OMAI4_A, 681010000 [Space Almve This Line For Recording Data] MORTGAGE DEFINITION'S Words used in multiple sections of this document are defined below and other words are defined m Sections 3, 11, 13, 18, 20 and 21. Certain rides regarding the t, sag~ of words used in this document are also provided in Section 16. (A) "Security Instrument" means tiffs document, which is dated,.JuLY 02, 2 0 0 4 togefl~er with all Riders to this document. (B) "Borrower" is SHELBY E. STEED AND MARY JO STEED, HUSBAND A_ND WIFE Borrower is file mortgagor under fins Secmity Instrument. (C) "Lender" is WELLS FARGO BANK, N.A. Lender is a NATIONAL ASSDCIATION orga~fized and existing under Ibc laws of THE UNITED STATES 0043590942 WYOMING-Single Family~Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 .... !33 Lender's address is P.o. Bc,x 10304, DES MOINES, IA 503060304 Lender is the mortgagee under this 3ecurity Instmme ut. (D) "Note" means the promissory n~te signed by Borr0wer'and dated JUrY 02, 2004 The Note states that Borrower. owes Lender ONE HUNDRED NINE THOUSAND AND 00/100 Dolhtrs (U.S. $ * * * * 109,000.00 ) plus interest. Borrower has promised to pay this debt iu regular Periodic Payments and to pay the debt in ful: not later than AUGUST 01, 2034 (E) "Property" means the property that is described below undu] the headiog "Tratmfer of ]lights in the Property" (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sl~ms due under this Security Instrument, plus interest. (G) "Riders" means all Ride':s to ~his Security [nstrurnent that arc ¢xecu[ed by Borrower. The Ibllowing Riders are to be executed by Borrower [check box as applicablel: [--~ Adjustable Rate Rider [~ Condomiuimn Rider F~ Secoud Holne Rider [--] Balloon Rider [~ Planned Unit Deveh)pment Rider ~-~ 1-4 Funnily Rider ~-] VA Rider [-~ Biweekly Payment Rider ~-] Other(s) [specify] 0:1') "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordi~mnces and administrative rides and orders (that ]]ave the crt'cot or law) as well as all applicable Ii,uti, mm-appealable judicial opinmns. (1) "Community Association Dues, Fees, aud AssessmenIs" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a coudominium association, homeowners association or si~nilar organization. (J) "Electronic Funds Transfer" means any transfer of fmMs, other than a transaction origimttcd by check, draft, or sinfilar paper instrument, which is i~fitiated tim)ugh an electronic terminal, telephonic instrument, computer, or nmgnetic tape so as to order, instntct, or authorize a llnancial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller maclfine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means [Lose items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other tha~ insurance proceeds paid under the coverages described in Section 5) fi)r: (i) datmtge to, or destruction of, file Property; (ii.) conde~mmtion or other taking of all or any part of the Property; (iii) conveyance in lieu of condenmation; or (iv) misrepresentations of, or onfissions as to, the value and/or condition of the Property. (M) "Mortgage Iusurance" means insurance protecting Leuder against file nonpayment of, or default on, the Loan. (1%1) "Periodic Pay~nent" means the regularly scheduled amount due for (i) principal and interest under the Note, phts (ii) any amounts under Section 3 of this Security lnstromen£. (O) "RESPA" means the Re~',[ Estzte Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they nfight be amended fi-om time to time, or any additimml or successm legislation or regulation that governs the same subject nmtter. As used in this Security h~stmment, "RESPA" refers to all requirements and restrictions that are imposed ni regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (~-6(WY) (ooo~) (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or fids Security htstmment. TRANSFER OF RIGHTS iN THE 'PROPERTY Ttfis Security Instrument secures to Lender: (i) the repayment of tile Loan, and all renewals, extensions and modifications of the Note; and (ii) file performance of Borrower's covmmnts and agreements under this Security Instrument and file Note. ~or this purpose, Bo~xowcr does hereby mortgage, granl and convey to Lender and Lender's successors and assigns, with power of sale, the fifllowing described property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Name of Recordi~ [g Jurisdiction] SEE ATTACHED LEGAL DESCRIPTION TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, P.O. BOX 10304, DES MOINES, IA 503060304 Parcel ID Number: 154 MADISON STREET AFTON ("Property Address"): which currently has file address of lStreet] [City] , Wyoming 8 3110 lZip Code] TOGETHER WITH all the improvements now or herealter erected on file property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacernents and additions shall also be covered by this Security Instrmnent. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower ~s lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that file Property is unencumbered, except for encmnbrances of record. Borrower warrants and will defend generally file title to the Property against all claims and demauds, subject to any encumbrances of record. TH1S SECURITY INSTRUMENT combines uniform cove~umts tbr lmtioml use and nrta-uniform covmmnts with limited variations by jurisdiction to constitute a unitbmt security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Princil2al, Interest, Escrow Itents, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, file debt evidenced by the Note and any prepayment charges and late c~.harges due under the Note. Borrower shall also pay funds for Escrow ltems pursuant to Section 3. Payments due under the Note and fids Security instrument shall be made in U.S. cm-rency. However, if any check or other instrument received by Lender as payment under file Note or this (~-6(WY) (ooo~l P~ 3 o* ~ s Form 3051 1/01 -135 Security Instrument is returned to Uender unpaid, Lender may require that any or all subsequent payinents due under fl~e Note and thi; Security lnstrmnent be nmde in one or more of file following lbrms, as selected by Lender: (a) cash; (b)~noney order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn ~pon an iustitution who.se deposits are insured by a federal ageilcy, instrumentality, or entity; or (d) Electronic Fnnds Transfer. Payments are deemed received by Lender when received at thc location designated in the Note or at such oilier location as may be desi&qmted by Lender in accordaoce with the notice provisions iu Section ·15. Lender nmy return any payment of partial payment if the payment or partial paymems are insufficient to bring the Loan cnn'enl. Lender nmy accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply sudh payments at file time such payments are accepted, if each Periodic Pay~nent is applied as of its scheduled duc date, then Lender need not pay interest ou unapplied funds. Lender nmy hold such mmpplied funds uotil Borrower ~m~kes payment to bring fl~e Loan cra-rent. If Borrower does not do so within a reasom~ble period of time, Lender shall either apply such funds or return them. to Borrower. If not applied earlier, such fimds will be applied to the outstanding principal balance under file Note inunediately prior to Ibreclosure. No offset or claim which Borrower' migllt have now or in the ii, lure against Lender shall relieve Borrower titan nmking payments due under the Note and tiffs Security Ium-ument or perfornfing file covenants and agreements secured by this Security htstrument. 2. Application of Payments or Proceeds. Except as otherwise described in tiffs Section 2, all payments accepted and applied by Lender shall be alpplied in fl~e following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due nnder Section 3: Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaiuiug amounts shall be applied first to late qharges, second to any other an~ounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a p~iyment from Borrower fi)r a delinquent Periodic Payment which incfudes a sufficient amount to pay any late charge due, the payment may bc applied to the delinquent payment and the late charge. If more than'ofie Periodic Payment is outstandiug, Lender nmy apply any payment received from Borrower to file repayment of the Periodic Payments if, and to thc extent that, each payment can be paid in full. To file extent thi~tt any excess exists after the payment is applied to file fidl payment of one or more Periodic Payments, such excess nmy be applied to any late charges doc. Voluntary prepayments shall be applied first to any prepayment charges and then as described in fl~e Note. Any application of payments,: insurance proceeds, or lvliscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amomlt, of the Periodic Payments. 3. Funds for Escrow ~ttemsJ Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is p:dd in full, a sum (the "Fuuds") to provide for paylnem of ainourtts due for: (a) taxes and assessment~ and other items which can attain priority over this Security h~strument as a lien or encutnbrance on the Property; (b) leasehold payments or ground rents on file Property, if any; (c) prenfiums for any aud alt insurance required by Lender under Section 5; and (d) Mortgage Insurance prenfiums, if any, or any sums [.ayable by Borrower to Lender in lieu of the payment of Mortgage Insurance prenfiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origitmtion or at any time during the tem~ of the Loan, Lender may require that Conmmnity Association Dues, Fees, and Asse. ssments, if ally, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow ItePn. Borrower shall promptly furnish to Lender all notices of amounts to be paid under Otis Section. Borrower shall pay Lender the Funds fin' Escrow [tents unless Lender waives Borrower's obligation to pay fl~e Funds for any or all Escrow Items. Lender nmy waive Borrower's obligation to pay to Lender Fuuds ..tbr any or all Escrow Items at any time. Any such waiver may only be in writing. In file event of such waiver, Borrower shall pay directly, when and where payable, rite amounts (~}~-6(WY) {ooo$} Form 3051 1/01 !36 due tbr any Escrow Items Ibr whiclt payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipis evidencing such payment within such time period as Lender nmy require. Borrower's obligation to mak,e such paymems and to provi, de receipts shall for all purposes be deemed to be a covenant and agreement contained in fids Security Instrmnent, as the phrase "covenant and agreemem" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay tile amount tine for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender nmy revoke :lie ~aiver as to any or all Escrow .Items at auy time by a notice given in accordance with Section 15 and, Upon such revocation, Borrower sllall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender tnay, at any time, coll:;ct and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at file time specifitd m~ler RESPA, and (b) not to exceed file nmximum amount a lender can require under RESPA. Lender shall esdnmte the amount of Funds due on the basis of current data reasonable estiumtes of exper:diturcs of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall, be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is au institution whose deposits are so iltsured) or in any Federal Home Loan Batik. Lender shall apply the Funds to pay thc Escrow Items no later than die time Specified under RESPA. Lender sh'all not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or. verifying the Escrow Items, unless Lender pays Borrower interest on the Fuuds and Applicable Law permits Lender to nmke such a charge. Unless an agreement is made in writing or Applicable Law requires interest: to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on file Fm~ds. Borrower and Lender can agree iii writing, however, that interest shall be paid on flxe Funds. i~ender shall give to Borrower, without charge, an ammal accounting of the Funds as required by RESPA.,. ' If there is a surplus of'Funds held in escrow, as defined under 1LESPA, Lender shall account' to Borrower for the excess funds in accordance with RESPA. If there is a shortage Of Funds held in escrow, as defined under RESPA, Lmider shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the axnount necessary to nmke up fl~e shortage in accordance with RESPA, but in lie more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined nnder RESPA, Lender shall notify Bm'rower as required b'y RESPA, and Borrower shall pay to Lender file amount necessary to nmke up fl~e deficiency in accordanc'e with RESPA, but in no more than 12 monthly payments. Upon payment in fidl et all sums secured by this Security InsUument, Lender shall promptly refund to Borrower any Funds held by Lmdder. 4. Charges; Liens. Bcrrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property wfich can attain priority over this Security Instrument, leasehold payments or ground rents on fl~e Property, 'if any, and Commmfity Associatkm Dues, Fees, and Assessments, if any. To file extent that these items are 'Escrow iteuts, Borrower shall pay them ill tile nuumer provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument mdess Borrower: (a) agrees in writing to t-:~e payment of file obligation secured by the lien in a mam~er acceptable to Lender, but mdy so long a.'; Borrower is performing such agreement; (b) contests the lien iu good faith by, or defends against entbrcement of the lien in, legal proceedings which m Lender's opi~fion operate to prevent the enforcement of the lien while those proceedings are pending, but only umil such proceedings are concluded; or (c) secures t¥om the holder of the lien an agreement satislhctory to Lender subordiimting the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over-this Security Instrument, Lender may give Borrower a notice identifying the {~®-6{WYI Iooos~ Form 3051 1/01 lien. Within 10 days of the d:te on, which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above itt this SectiOn 4. Lender may require Bon'ower to pay a one-tin~ charge for ~, real estate tax verification attd/or reporting service used by Le~rder ir~ cmmection with flits Loau 5. Property Insurauce.' Borrower shall keep fire improvements now existing or hereafter erected on the Property insured against loss Ly fire, hazards included within the term "extended coverage," and auy oilier hazards including, but not limited to, earthquakes aud floods, tbr wlfich Lender requires inst,rance. This insurance shall be nmintained iu the amounts (including deductible levels) aud for the periods that Lender requires. What Lender req,fires pursuant to the preceding sentences can change during the renu of the Loan. The insurance canter providing the insurance shall be chosen by Borrower'subject to Lender's fight to disapprove Borrower's choice, which right shall not be exercised unreasonably Lender may require Borrower to pay, ilk con~iection with tiffs Loan, either: (a) a one-time charge tbr flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone deterufination and certification serwces and sub~;equent charges each time ren~appings or 'similar changes occur which reasonably nfight affect suck, determination or certification. Borrower shall also be responsible lbr the payment of any fees imposed by the Federal Emergency Man:~gcmeut Agency iu connection with the review of any flood zone deternfination resulting from an objection by Borrower. If Borrower fails to m;intain auy of the coverages described above, Lender nmy obtain insurance coverage, at Lender's optiou and Borrower's expense. Lender is under no obligation to pm'chase auy particular type or amount of'coverage. Therefore, such coverage si'mil cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contclltS of fl~e Property, against any risk, hazard or liability and nfight provide greater or lesse~ coverage titan was previously in efl~ct. Borrower acknowledges that tim cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amouuts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These anmnnts shall bear interest at the Note rate fi'om the date of disbursement and shall be payable, \vith such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to keuder's right to disapprove such po!icies, shall include a standard mortgage clause, and shall immc Lender as nmrtgagee and/or as an additional loss payee. Leuder shall have thc right to hold the policies aud renewal certificates. If Lender requires, Borrower shall promptly give to Lender ~,11 receipts of paid premiums and renewal notices. If Borrower obtaqns any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and Mtall name Lender as mortgagee and/or as an additio~ml h)ss payee. In rite event of loss, Bcrrower shall gtve prompt notice to thc insurance carrier and Lender. Lender may make proof of loss if ni, t made prompdy by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance pro seeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair ~f the Property, if the restoration or repair is eco~mnfically tkasible and Lender's security is not lesseued. During such repair attd restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lerder's satisfaction, provided fl~at such inspection shall be nndcrtaken promptly. Lender nmy disbu::se proceeds for the repairs and restoration iu a single payment or in a series of progress payments as the work is completed. Utfless au agrccmcot is umdc in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower anY interest or earnings on such proceeds. Fees tbr public adjusters, or other third parties, retained by Borrower shall not be paid cut of.the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is ncr econonfically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the stuns secured by tiffs Security Instrument, whether or not then due, with ~-6(WY) (ooo~ Form 3051 1101 the excess, if any, paid to Borrower. Such insurance proceeds shall bc applied in the order provided for in Section 2. If Borrower abandons fl~e Property, Lender may file, negotiate attd settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice fi-om Lender that rile insurance carder has offered to settl ~ a claim, then Lender nnty negotiate and settle the claim. The 30-day period will begin when the notice is given, in either event, or if Lender acquires the Property under Section 22 or otherwise, Borrowe: hereby assigns to Lender ia) Borrower's rights to ally insurance proceeds in an amount not to dxceed the amounts unpaid under rile Note or this Security htstrunmnt, and (b) any other of Borrower's rights (other than flm right to any ret:uud of uuearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to rile coverage of the Property. Lender n~!y use the insurance proceeds either to repair or restore rite Property or to pay amounts unpaid under dxe No".e or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's priucipal residence wiflfin 60 days after the executiou of this Security Instrument and shall conti~me to occupy rile Property as Borrower's principal residence ~br at least one year after the date of occupancy, uifless Lender otherwise agrees in writing, which consent shall ~mt be mn'easo~n~bly wifltheld, or unless extenuating circmnstances exist which are 1~ eyond Borrower's control. 7. Preservation, Mainteuancb. and Protection of the Property; Inspections. Borrower shall not destroy, danmge or impair the Property, allow the Property to deteriorate or connnit waste on the Property. Whefl~er or not Borrower' is residing in the Property, Borrower shall inaintaiu rite Property in order to prevent the Property from ideteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not eco~mlnically feasible, Borrower shall promptly repair the Propertyl if d]maged to avoid further deterioration or damage. If ins'urance or cotdennmtion proceeds are paid iix com~ection with damage to, or the taking of, the Property, Borrower shall be responsible for repairiug or restoring the Property only if Lender h;ts released proceeds fbr such purposes. Lender may disburse proceeds tbr the repairs and restoration in a single payment or in a series of progress payments as the Work~ is completed. If the insurance.or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent nmy umke reasonable entries upon anti inspections of the Property. If it has reasonable cause, Lender ~nay 'inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of 0r prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or arty persons or entities acting at rite direction of Borrower or with Borrower's knowledge or consent gave ~naterially false, misleading, or inaccurate iufornmtion or statements to Lender (or tailed to provide Lender with nmterial infornmtion) in connection with rite Loan. Material represen(ations i~mlude, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If ia) Borrower fails to perform the covenauts and agreements contaiued in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in batflrmptcy, probate, roi- condenmation or forfeiture, for e~dbrcement of a lien wlfich ,may 'attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned rile Property, fl~en Lender nmy do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under fids Security Instrument, including protecting aftd/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can i'~clude, but are not limited to: ia) paying any sums secured by a lien which has priority over this Secm-ity Instrument; (b) appearing itt corn-t; and (c) paying reasonable (~-6(WY) Page7of 15 Form 3051 1/01 attorneys' fees to protect'its interest' in file Property and/or rights under this Security Instrument, including its secured position in a bankrupt(:y proceeding. Securing rite Property inclodes, but is not limited to, entering the Property to nmke repai}rs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or Other code violations or-dangerous conditious, and have utilities turned on or off. Although Lender may tat(e action under this Section 9, Lender does not t/ave to do so and is not under any duty or obligation to do 'so. It is agreed that Leuder incm:s no liability tin' not taking any or all actions authorized under this Sectio]l 9.. Any amounts disbursed by L&nder under tlfis Section 9 shall become additiomtl debt of Borrower secured by this Security Instnunem. These amounts shall bear interest at die Note rate fi'om fl~e dale of disbursement and shall be payable, With such interest, upou notice dom Lender to Borrower requesting paYment. if this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires tee title to the Property fl~e leasehold and the fee title shall not merge mfless Lender agrees to the merger ir: writi;ng. 10. Mortgage Insurance. If I,ender required Mortgage Insurance as a condition of nmking the Loan, Borrower shall pay the prenfit~ms required to maintain the Mortgage Insurance 'iii effect. If, for airy reason, the Mortgage Insurance cover:lge required by Lender ceases to bc available from die mortgage insurer that previously provided such insurance and Borrower was required to make separately desig.mited payments toward the prenfiums for Mortgage Insurance, Borrower shall pay the preminms required to obtain coverage substantially equivalent to the lVlortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously iu effect, fi'om an alternate mortgage insnrer selected by Lencler. If substantially equivalent iVlortgage Insm:ance coverage is not available, Borrower shall continue id pay to Lender die amot, nt of die separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retaiu these payments as a non-refundabl.x los:; :reserve in lieu of Mortgage Insurance. Such loss reserve shall be mm-refundable, notwifl~standi,ng the fact fltat the Loan is ultinuttely paid in full, and Lender shall uot be required to pay Borrower any.interest or earnings on such loss reserve. Lender eau no longer require loss reserve payments if Mortgage' Insurance coverage (in the amouut aud tbr die period that Lender requires) provided by an insurer selec, ted by Lender again becomes available, is obtaiued, and Lender requires separately designated payments toward the premiums for lVlo~'tgage Insurance. If Lender required Mortgage Insurance as a condition of ~:naking the Loan and Borrower was required to nmke separately desigmtted payments toward the premimns fbr Mortgage Insurance, Borrower shall pay the premimns required to maintain Mortgage Insurance. in effect, or to provide a non-refimdable loss reserve, until Lender's requirement tbr Mortgage Inshrance ends in accordance with auy written agreement between Borrower and Lender providing for such ter:::tfinat!on or until ternfimttion is required by Applicable Law. Nothing in fills Section 10 affects Borrower's oblig{Itiou to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay die Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in lbrce froln time to tinre, and nmy enter into agreements with other pa::ties that share or modify their risk, or reduce losses. These agreements are on terms arid condid0ns that are' satisfactory to the mortgage insurer and die other party (or parties) to these agreements. These agremnents nmy require the mortgage insurer to make payments using any source of funds that the mortgage insurer !nay have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreemen, ts, Lender, any purchaser of die 'Note, another insurer, any reinsnrer, any oilier entity, or any affiliate of any of the foregoing, nmy receive (directly or indirectly) amounts that derive from (or nfight be character!zed as) a portion of Borrower's payments Ibr Mortgage Insurance, in exchange for Sharing or modi~ing the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of LendtJr takes a share of the insurer's risk in exchange for a share of the premituns paid to die insurer, the ar'rangement is ofteu termed "captive rcinsm-ance." Further: (a) Any such agreements Will not affect the amounts th:~t Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not iucrease the amount Borrower will owe for Mortgage Insurance, ami they will no! entitle Borrower to any refund. (~I~-6{WY) (O00S! :' Page 8 of 15 Form 3051 1/01 (b) Any such agreelnents will not affect tile rights Borrower has - if any - with respect to tile Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellatiou of the Mortgage Insurance, to have the Mortgage Insurance tekminated autonmtically, and/or to receive a refund of any Mortgage Insurance pretninms that were unearned at tile time of such cancellation or termination. 11. Assignment of Miscella~/eous Proceeds; Forfeiture. All iVliscelhmeous Proceeds are hereby assigned to and shall be paid to .kenc~er. If the Property is danmge;i, such Miscellaneous Proceeds shall be applied to restoration or repair of file Property, if the restoratim~ or ~epair is econonfically feasible bud Lender's security is not lessened. During such repair and restorat!on period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to easure file work has been completed to Lender's satisthction, provided that ~uch inspection shall be undertaken promptly. 'Lender may pay lbr file repairs and restoration in a single disbursement or in a series of progress payments as file work is completed. U~fless an agreeme~t is nmde in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the resto_~-ation or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to file stuns secured by this Security Instrument, whether or not then due, with tile excess, if buy, paid to Bon-owcr. Such Miscellaneous Proceeds shall be applied in the order provided tbr in Section 2. hr rile event of a total taking;, destruction, or loss in value of the Property, tile Miscellaneous Proceeds shall be applied to the sums secured by tiffs Security h~stmment, whether or not then duc, with file excess, if any, paid to Borrower.' In the event of a partial taking, destruction, or loss in value of the Property in wlfich the thir nmrket value of rite Property i~mnediately before file partial taking, destruction, or loss in value is equal to or greater than the amount of the slurs secured by fids Security Instrument immediately before the partial taking, destruction, or loss in Value., mfless Bon-ower and Lender otherwise agree ill writing, the sums secured by this Security Instrument shall be reduced by the amount of the MisCellaneous Proceeds multiplied by the tbllowing fractiox~: (a) the total amount of file sums secured inunediately betbre the partial taking, destruction, or.less in: value divided by (b) the fair market value of the Property immediately before the partial taking, destruhionl or loss itl wdue. Any balance shall be paid to Borrower. ItL the event of a partial taking; destruction, or loss itl value of the Property in which file fair nmrket value of the Property inm~ediately betbre the partial taking, destruction, or loss in value is less than the amount of the sums secured idnnediately before the partial taking, destruction, or loss in value, Ulfless Borrower and Lender otherwist, agree in writing the Miscelhmeous Proceeds shall be applied to the sums secured by th~s Security h~strument whether or not the sums are then due. If the Property is abtmdt~ned by Borrower, or if, after notice by Lender to Borrower that file Opposing Party (as defined in 'the next sentence) offers to make an award to settle a claim/'or damages, Borrower fails to respond to Lender,within 30 days after the date the notice is given, Lender is authorized to collect ami apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security lustrm~mnt, whether or not then due. "Opposing Party" means file third party that owes Borrower Miscellaneous Proceeds or tile party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be iu defmflt if any action or proceeding, whefl~er civil or crinfi~tal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or righs under Otis Security Instrument. Borrower can cure such a delhult and, ff acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, it, Lender's judgment, precludes forfeiture of the Property or other nmterial intpairment of Lender's interes: in t'~e Property or rights under this Security Instrument. The proceeds of any award or claim for damages that, are attributable' to the impairment of Lender's interest in the Property are hereby assigned and shall bt: pain to Lender. All Miscellaneous Proceeds Il'at are not applied to restoration or repair of the Property shall be applied in the order provided t'c r in Section 2. (~o-6(WY} Iooos) Page g of 15 Form 3051 1/01 12. Borrower Not Releftsed; Forbearance By Lender Not a Waiver. Extension of tile tin'lc lbr payment or modification of amortization of the stuns secured by this Security Instrument granted by kendcr to Borrower or any Snccessor m Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest cf Borrower. Lender shall not be required to co~mnence proceedings against any Successor in Interest of Borrower or to refuse to extend Iime Ibr payment o~' otherwise modify amortization of the sums sec'urt.~d by this Secm'ity hkstrument by reason et' any demand n'utde by the original Borrower or any Successors in lnterest of Borrower. Any furbearance by kender in exercising any right or remedy including, without limitation, Lender's acceptance of payments fi'om third persons, eutities or Successors in Interest of Bon'o ,vet c r in amoun cs less {hun file alnount dieu due, shall not be a waiver of or preclude file exercise of any ri[-ht or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bonnd. Borrower cove~mnts and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs fids Security Instrun~ent but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrmnent only to mortgage, grant and convey file co-signer's interest in tim Property under the terms of fids Security Instrmnent; (~) is not perso~mlly obligated to pay the sums secured by this Security Instrument; and (c) agrees that Let, der and any other Borrower can agree to extend, modify, forbear or nmke any accommodations with regard to the terms o1' this Security lnstrmnent or the Note without the co-signer's conselit. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under tbis~ S:.~curity hrstrun'lent in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under fids Security Instrument. Borrower shall not be released fi-om Borrower's obligations and liability under fids Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Len,der nmy charge Borrower lees for services performed in comlection witb Borrower's default, for fl~e purpose of protecting Lender's interest iu the Property and rights under this Security Instrmnent, including, but ]~ot limited to, attorneys' fees, property inspection and valuation tees. In regard to any other fees, thel abse~me of express authority in this Security Instrunlent to charge a specific fee to Borrower shall not be construed as a prohibition on file charging of such fee. Lender nmy not charge fees that are expressly prohibited by this Security hrstrumeut or by Applicable Law. If the Loan is subject to a law ,~,hich sets ~mtxinmm loan charges, and fl~at law is finally interpreted so that the interest or other loan l:harges collected or to be collected iu connection wifl~ the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amouut necessary to reduce the charge to the permitted liufit; ;ud (E) any sums already collected fi'om Borrower which exceeded permitted limits will be refu~ed to Borrower. Lender may choose to nu'~ke this retired by reducing the principal owed m~der the Note or by luaki~ig a direct payment to Borrower. It' a refund reduces principal, the reduction will be treated as 't partial prepayment without any prepayment charge (wl~ether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund nmde by direct payment to Borrower will constitute a waiver of any right of action Borrower ~night have arising out of such overcharge. 1.5.. Notices. All notices givex? by Borrower or Lender in com~ection with this Security Instrument' nmst be in writing. Any notice to Borrower in connection wifl~ this Security Iustrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's cimnge of address. If Lender specifies a procedure fi)r reporting Borrower's change of address, then Borrower slmll only report a change of address through that specified procedure. There may be only one desigmited-notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender ..'las t,esiglmted another address by notice to Borrower. Any uotice in colmection with this Security Instrument shall not be deemed to have been given to Lender until actually received 'by Lender. [f any no 5ce required by this Security lnstrumc~t is also required under Applicable Law, the Applicable Law reeuirement will satisfy the corresponding requirement under this Security Instrument. OS00827 16. Governing Law; Severability; Rules of Construction. This Secm'ity Instrument shall be governed by federal law aid the law of flw jurisdiction in which file Property is 'located. All rights and obligations contained in this Sec-arity Instrument are subject id any requirements and limitations of Applicable Law. Applicable Law ]night explicitly or implicitly allow the parties to agree by contract or it ]night be silent, but such silen~*,e shall not be construed as a prohibition against agreemem by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict 'shall not affect other provisions of this Security lustrument or the Note which can be given effect without the conflicting provision. As used in flits Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or wards of fl-ie fenfinJne gender; (b) words iii file siugular shall mean and include the plural and vice versa; .~md (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower fl~all be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Benetlcial Interest in Borrower. As used in this Section 18, "Interest in the Property" means al~y legal or beneficial interest in file Property, including, but not liufited to, those beneficial interests transferred iii a bond for deed, coutract for deed, iustallment sales contract or escrow agreement, rile intent of wlfich is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the P.:operty or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transfen'ed) without Leuder's prior written consent, Lender nmy require im]nediate payment in fidl of all sums secured by fids Security Instrument. However; this option shall not be exercised by Leuder if such exercise is prohibited by Applicable Law. If Lender exercises fids C'ption, Lender shall give Borrower ntaice of acceleration. The notice shall provide a period of not less th~n 30 days l¥om the date the notice is given in accordance with Section 15 within which Borrower must pay ':ill stuns secured by this Security Instrument. If Borrower fails to pay these sums prior to die expir:ltion of this period, Lender may invoke any remedies pernfitted by this Security Instrument without further: notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower sliall have the right to lmve enforcement of this Security Instrument discontilmcd at any time prior to the earliest of: (a) five' days before sale of the Property pursu,'mt to any power of sale contained in this Security Instrument; (b) such~ other period as Applicable Law nfight specify for the tcrnfination of Borrower's right to reiustate; or~ (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a),'pays Lender all stuns which then would be 'due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing dfis Security Instrument, including, but not linfited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest iu fire Property and rights under this Secm-ity lnstrmnent; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of tl, e following forms, as selected by Leider: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits ~'re iasurcd by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain rally effective as'if no acceleration had occurred, ttowcver, Otis right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Chang~ of Loan Servicer; Notice of Grievance. The Note or a parti,d interest in the Note (together with this Security histrument) can be sold due or more times without prior notice to Borrower. A sale nfight result, in:a change in die entity (known as the "Loan Servicer") that collects Periodic Payments due under ~the Note and this Security histmment and per/brms other mortgage loan servicing obligations under the Note, Otis Security h~struinent, aud Applicable Law. There also nfight be one or more changes of the Lo'an Servicer unrelated to a sale of die Note. If there is a change of the Loan Servicer, Borrower will be given written notice of die change which will state the name and address of the new Loan Servicer, the address to which payments should be made and auy other intbnmttion RESPA (~(~-~{WY) {0005) Page 11 o~16 .i-'?X '1: ' 143 requires in connection with a notice of traasfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will renmin with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by rile Note purchaser unless oflmrwise provided by the Note purchaser. Neither Borrower nor Lender nuty colmnence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or [ha[ alleges that the other party has breached any provision of, or any duty owed by reason of, this Security instrmuent, until such Borrower or Lender has notified the other party (with such tm[ice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasomt)le period after the giving of such notice to take corrective action. If Applicable Law provides a time period which nmst elapse befi~re certain action can be taken, [hat time period will be deemed to be reasonable for purposes of Qds paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given [o Borrower pursuant to Section 18 s~all be deemed to satisfy file notice and opportunity to take corrective action provisions of tiffs Sectioa 20. 21. Hazardous Substances. As used in dfis Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or was[cs by Environmental Law and lite following substances: gasoline, kerosene, other flanm~able or toxic petroleum products, toxic pesticides and herbicides, volatile solvems, materials containing asbestos or fi~rnutldehyde, and radioactive materials; (b) "Enviromnental Law" means federal, laws and laws of the jurisdiction where dm Property is located that relate m health, safety or enviromnemal protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Enviromnental Law; and (d) an "Enviromnental Condition" means a condition th~it can cause, contribute to, or od~erwise tugger an Environmental Cleanup. Borrower shall not cause or pernfit the presence, use, disposal, storage, or release of arty Hazardous Substances, or threaten to release any Hazardous Substances, on or iii the Property. Borrower shall not do, ut~r allow anyone else to do, any[h,ing affecting the Property (a) that is in violation of any Euviromneutal Law, (b) which creates an Enviromnental Condition, or (c) which, due [o tim presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The precediug two sentences shall not apply to 'the presence, use, or storage on the Property of shall quantities of Hazardous Substances that are generally recognized to be appropriate to nomml residential uses and to mainteimnce of the Property (including, but not Ii,tilted to, hazardous substances in consumer products). Borrower si[all prompdy give Lender written notice of (a) auy investigation, claim, dmmmd, lawsuit or other action by any govermnental or regulatory agency or private party involving the Property and any Hazardous Substance or Enviroiunental Law of which Borrower has actual k~mwledge, (b) any Envirmunental Condition, incl ~ding but not lind[ed to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substauce Milch adversely affects d~e value of the Property. If Borrower learns, or is notified by any governmental or regulatory' authority, or auy private party, [hat any renmval or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordanc~ with Enviromnental Law. Nothing herein shall create any obligation on Lender for an Enviromnental Cleanup. (~-6(WY) (o0o~1 P~. ~2 o~ ~s Form 3051 1/01 .-244 NON-UNIFORM COVEHANTS. Borrower and Lender flu'ther cove]rout and agree as tbllows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreemeut in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to core the default on or before the date specified in the notice may result io acceleration of the sums scented by this Security Instrnment and, sale of the Property. The nolice shall forther inform Borrower of ll~e right to reinstate after acceleration and the right to bring a com't action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified iii the notice, Lender at its optiou may require immediate payment iu full of all sums secured by this Security Instroment without further demaud and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, includiug, but not linfiled lo, reasonable attorneys' fees ant! costs of title evidence. If Lender invokes the power of sale, Lender shall give ootice of intent to foreclose to Borrower and to the person iu possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of tile sale to Borrower in the manner provided in Section 1.5. Lender shall publish the notice of sale, and tke Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: :(a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b~ to all sums Secured by this Security Instrument; and (c) any excess to the person or persons legally entitied to it. 23. Release. Upon payment oi all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender nmY charge Borrower a fee tbr releasing this ecunty Instmment, Lut only if the fee is paid to a third party lbr services rendered and the charging of the fee is pemfitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. (~)®-6(WY) 1ooo6) v~g. ~3 o~ ~ Form 3051 1/01 !,15 BY SIGNING-BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrmnent and in any ~der executed by Borrower and recorded wire it. Witnesses: SHELBY E ./STEED (Seal) -Borrower /~.~¥ JO S']:~ -Bonow~r (Seal) -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower -Bo,'rower (Seal) (Seal) -Borrower -BmTowcr (~6(WY) P~qollS Form 3051 1/01 STATE OF WYOMING, LINCOLN The foregoing instrument was z'c ~knowledged before me this by SHELBY E. STEED AND MARY JO STEED County ss: My Commission Expires: My CO~MIS$10N EXPIRES JUNE 20, 2007 Nora ~5~-'ublic (~-6G(WY) Iooo6~ Page 15 of l 5 Form 3051 1/01 Legal Descripnion Part of Lot 4 of Block 3 of the Original Townsite of AfEon, Wyoming Townsite, Lincoln County, Wyoming being part of that tract of.record in the Office of the Clerk of Lincoln County in Book 296PR on ~age 339 described as follows: Beginning at a ~,oint on the east line of said Lot 4, S 01°45'56'' W, 51.00 feet from the northeast point of said Lot 4; thence N 88013.4' W, 99 00 feet to point on the west line of said. tract; thence S 01045'56" W, 81.00 feet along the south line of said tract, to the southeast point of said tract; thence S 88013.4'. E, 99.00 feet to point on the west line 'of said tract, to the southeast point of said tract; thence N 01°45'56~'' E, 81.00 feet, along said east line, to the Po~'[nt of Beginning.